There are all sorts of cryptocurrencies that have fantastic use cases and real-world utility. There are others that on the face of it just appear to be here for the ride and to take advantage of the wealth oozing throughout crypto. So why is Dogecoin here, and does it have what it takes to keep riding high?
At time of writing, Dogecoin is literally going to the moon. It has touched a new all-time-high of 15.5 cents and now looks to be having a bit of a breather before pressing on up. The stochastic RSI has recently crossed over at the bottom and momentum could be just beginning.
So why is the Doge price doing so well? Obviously, we have a huge landmark event taking place today with the Coinbase direct listing on the NASDAQ stock exchange. It means that many more millions of eyes will be on crypto – possibly quite a lot of them surveying crypto for the first time – they will surely be impressed with what they see.
However, a lot of cryptocurrencies aren’t really seeing a surge yet. Bitcoin, the flagship of crypto has posted a high of nearly $65,000 and the major caps are generally rising, but mid and low caps are still down or sideways for now.
Therefore, it is a surprise to see Dogecoin putting on such a spurt – or is it? Elon Musk seems to find it amusing as he tweets every now and then. Each tweet gives Doge some more impetus and helps to keep everybody interested. A reference to getting a Shiba Inu last month is a good example.
The Reddit forum group SatoshiStreetBets, taking its name from the WallStreetBets forum, has championed Dogecoin as well, deciding to send its value “to the moon”. Posts such as the following are still hyping the coin further.
With another user stating: "It's up to us to decide what DOGE is worth, and I'm not selling for pennies." The hype is still definitely ongoing. Where it all ends is anybody’s guess – or could Elon buy in and decide to actually do something with Doge? Whatever happens, Doge is certainly an interesting play to watch, and in a crypto feeding frenzy it might well continue to surprise us.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.